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    Accounting Profession at the Highest Standards

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    Do you feel that the accounting profession is considered to have the highest standards for ethical and moral conduct? Certainly, the profession strives for high ethical conduct, but certainly the ethics of the profession were called into question with the collapse of WorldCom, Enron, Adelphia, etc. Since these collapses, the profession has certainly taken steps to improve ethics. Prerequisites to sit for the CPA exam generally include an ethics course while continuing education hours typically also require some hours of ethics training per reporting period. Certainly, the many requirements of the Sarbanes Oxley act also reinforce professionalism and ethical conduct. Despite these changes, we continue to hear about the "expectations gap". Do you feel a gap exists between the credibility of the accounting profession and the public's perception of the accounting profession? Why or why not?

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    Solution Preview

    There's a few issues in this paragraph that should be noted. I am going to make comments that will be followed with asterisk, * as such, so that my comments can be easily identifiable.

    Do you feel that the accounting profession is considered to have the highest standards for ethical and moral conduct? ** The accounting profession does have very high standards for ethical and moral conduct. It can be arguably seen through various forms of legislation that a higher level of enforcement was enacted after the accounting scandals of the early 2000's, such as Enron and WorldCom. The profession continues to strive for high levels of conduct, however, it has not been possible for the profession as a whole to achieve the level that we strive for, as we can see through the frauds and other unethical acts that take place.

    Certainly, the profession strives for high ethical conduct, but certainly the ethics of the profession were called into ...

    Solution Summary

    This solution discusses the paragraph in detail. Current regulations, past frauds, and potential future outcomes in regards to accounting regulations are also discussed.

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